darcsherry
Long

GBPJPY | MY PERSPECTIVE FOR THE WEEK

FX:GBPJPY   British Pound / Japanese Yen
Over 120pips fetched in my last publication (see link below for reference purposes) as another trading opportunity arises. The British Pound surrendered much of its Thursday gain on Friday to close the week below 141.000. despite this retraction, the possibility of a rally is still paramount as I have found two windows on the chart for buying opportunity.

Tendency: Uptrend ( Bullish )
Structure: Trendline | Support & Resistance | Channel
Observation: i. Price action has been contained between upward sloping parallel lines characterized by Higher highs and higher lows to make my Bullish bias emphatic.
ii. Major Support @ 139.300 - a structure which has been a strong hold for Bullish tendencies since 2016 could open us to a Buy opportunity if price breaks down 140.000level.
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 3 to 8 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.



NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out